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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen an astounding surge in whale activity, recording 382.88% in large transaction volume.
Within the last 24 hours, Shiba Inu's large transaction volume climbed from 507.81 billion SHIB to 2.54 trillion SHIB, per data from on-chain analytics platform IntoTheBlock.
The volume of large transactions valued at $100,000 or more has skyrocketed 382.88% accordingly, totaling $60.56 million.
This surge coincides with a determined effort by bullish traders to uphold a critical 45 trillion SHIB range, reflecting the intense battle unfolding between bullish and bearish forces for the Shiba Inu price.
According to IntoTheBlock data, 45.78 trillion SHIB were bought by 50,590 addresses at SHIB's current trading price range between $0.000023 and $0.000025 at an average price of $0.000024.
At the time of writing, Shiba Inu was teetering closer to the lower end of the range, down 5% in the last 24 hours to $0.00002363.
Tomiwabold OlajideAs the battle between bulls and bears intensifies, the significance of Shiba Inu's current trading price range cannot be overstated. Its successful defense might trigger renewed bullish momentum, potentially propelling Shiba Inu to new highs.
Conversely, a breach of this support at this range could invite further selling pressure, testing the resolve of bullish traders and signaling a shift in market sentiment.
Against the backdrop of a bullish defense of the critical 45 trillion SHIB range, the stage is set for a high-stakes showdown between bulls and bears, with the SHIB community bracing for the outcome.
If bulls prevail, SHIB might confront its next resistance in the $0.000025 to $0.000030 region; if bears succeed in pulling the SHIB price lower, support is envisaged in the $0.000019 and $0.000023 range.
Dan Burgin
Alex Dovbnya